Violation of cash rules penalty imposed transaction
This query is : Resolved
Kollipara Sundaraiah
(Querist)
18 February 2025
Sir,
The it tax payer cash loan to relatives rs:15 lacs through on cash mode paid dt:10-1-25
After another date:10-2-25
Cash loan from relatives rs:15 lacs amount repayment through on bank channel mode received
Question:
Assessess above transaction violation of cash rules penalty imposed in it act.
The it tax payer cash loan to relatives rs:15 lacs through on cash mode paid dt:10-1-25
After another date:10-2-25
Cash loan from relatives rs:15 lacs amount repayment through on bank channel mode received
Question:
Assessess above transaction violation of cash rules penalty imposed in it act.
Dhirajlal Rambhia
(Expert)
19 February 2025
As per sec. 269SS IT act, a person cannot accept cash loan of Rs. 20,000/- or more (in aggregate) from any other person; unless both are agriculturalist, or in case of loan from relatives in case of any emergencies. In case of the violation of the rule, 100% penalty can be charged.
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